(Alliance News) - Omega Diagnostics Group PLC on Tuesday said it is focusing on the development of Covid-19 tests after swinging to loss in its most recently ended financial year.
The AIM-listed medical diagnostics company reported like-for-like revenue of continuing operations up by 12% to GBP9.8 million for the year to the end of March compared to GBP8.8 million a year earlier. Reported revenue increased by 1%.
Despite that, Omega swung to a loss for the year of GBP6.8 million from GBP970,000 profit a year earlier. The company explained that it booked an exceptional charges of GBP7.7 million versus GBP1.7 million of exceptional gains a year prior.
"We believe that our outlook for the coming fiscal year is excellent - while we have decided to stop development of the allergen product lines, and the Food intolerance revenues are slowed by Covid-19, we are rapidly developing new tests, together with our partners, for Covid-19 that will need to be made and sold, ultimately, in the hundreds of thousands of units, if not millions," said Non-Executive Chair William Rhodes.
Omega shares were trading 8.8% lower in London on Tuesday at 34.67 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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